Turkey’s Biggest Logistic Firm Eyes Seven European Acquisitions

(Bloomberg) --

Turkey’s biggest transport and distribution company plans to buy seven European firms during the next two years as part of an expansion program to diversify its sources of income.

Netlog Lojistik Hizmetleri AS expects to spend about 350 million euros ($390 million) on deals that will be largely funded through loans, Vice President Gokalp Cak said in an interview. Sealing the deals could help Netlog reach $1.9 billion in sales from $1 billion, he said.

“We’re interested in buying firms in England, Belgium, Germany, Poland and Netherlands,” he said. Netlog anticipates closing a deal to buy one of Poland’s largest logistic businesses in the next two months, while also eyeing a Turkish target, Cak said.

Founded in 2004, Netlog has followed an aggressive growth strategy in Turkey and has 32 companies and 14 brands. In 2014, Netlog and Belspeed SA of Belgium bought TNT Express NV’s Dutch fashion operations. Abraaj Group, the failed Dubai-based buyout firm, purchased 21% of Netlog in 2017.

Read more about an earlier bid for Abraaj’s Turkey assets

“Netlog may consider stake sales or partnerships in the future after the company reaches its targeted size and value,” Cak said.

To contact the reporter on this story: Kerim Karakaya in Istanbul at kkarakaya2@bloomberg.net

To contact the editors responsible for this story: Onur Ant at oant@bloomberg.net, ;Stefania Bianchi at sbianchi10@bloomberg.net, Vernon Wessels, Alastair Reed

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